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  • FIRST POST
    • abc.xyz
    • By abc.xyz 14th Dec 19, 12:10 AM
    • 29Posts
    • 15Thanks
    abc.xyz
    Should I close Cap One card?
    • #1
    • 14th Dec 19, 12:10 AM
    Should I close Cap One card? 14th Dec 19 at 12:10 AM
    Somehow I've gone from only being able to get a Cap One/Aqua/Vanquis/etc card with a £200 limit 6 months ago, to now having a Virgin card with an £1,800 limit and a Halifax card with a £3,700 limit. I only use the cards for petrol, food, etc then pay them off in full each month to create a credit history, and because I had a Very account with high credit utilisation. Is there any good reason I should keep the Cap One account open? They haven't offered me an increase yet.
Page 1
    • mustiuc
    • By mustiuc 14th Dec 19, 12:43 AM
    • 61 Posts
    • 36 Thanks
    mustiuc
    • #2
    • 14th Dec 19, 12:43 AM
    • #2
    • 14th Dec 19, 12:43 AM
    Just close it. I did it to mine, £200 limit for 2yrs, never been increased and when I rang then to close it the girl at the end of the phone just said "ok, no problem, have a nice day".
    Basically they only need poor/desperate people who lacks credit history and get cought in their 39.99% apr making minimum payments.
    • cymruchris
    • By cymruchris 14th Dec 19, 1:00 AM
    • 213 Posts
    • 140 Thanks
    cymruchris
    • #3
    • 14th Dec 19, 1:00 AM
    • #3
    • 14th Dec 19, 1:00 AM
    I'm in a similar position - have a Luma by Cap One card with a credit limit of £400 that's never moved - but used it monthly and paid it in full - now getting more decent limits, and more decent APR's (not that I pay interest) - so considering closing this one down when the direct debit clears the balance in a few weeks time.
    An ex-bankrupt on a journey of recovery. Feel free to send me a DM reference credit building credit cards from the usual suspects Happy to help others going through what I've been through!
    • Mrs_Ryan
    • By Mrs_Ryan 14th Dec 19, 1:05 AM
    • 11,113 Posts
    • 21,026 Thanks
    Mrs_Ryan
    • #4
    • 14th Dec 19, 1:05 AM
    • #4
    • 14th Dec 19, 1:05 AM
    I’ve taken Cap 1 to the FOS as they’ve made such a mess of my account, had the account a year and no sign of an increase, clear the card in full but the crappy £200 limit is neither use nor ornament to me. They were incredibly patronising and tried talking to me like I was stupid but they didn’t realise that I used to work for them and absolutely wiped the floor with them. I have two Cap 1 cards and both of them are getting closed next month.
    Open University 2:1 Graduate 2017; MA graduate DMU 2019- MERIT!! Round 2 OU 2018- BSc Combined STEM (Sports Psychology) Year 1 PASS! E117 &DE100. Year 2- K220 & E235.
    Got Engaged 02/10/2018 Civil Partnership 15/02/20
    #TheEllisGengeFanClub
    Elle
    • Gary_Dexter
    • By Gary_Dexter 14th Dec 19, 1:16 AM
    • 7,282 Posts
    • 4,844 Thanks
    Gary_Dexter
    • #5
    • 14th Dec 19, 1:16 AM
    • #5
    • 14th Dec 19, 1:16 AM
    I’ve taken Cap 1 to the FOS as they’ve made such a mess of my account, had the account a year and no sign of an increase, clear the card in full but the crappy £200 limit is neither use nor ornament to me. They were incredibly patronising and tried talking to me like I was stupid but they didn’t realise that I used to work for them and absolutely wiped the floor with them. I have two Cap 1 cards and both of them are getting closed next month.
    Originally posted by Mrs_Ryan
    How have they “messed up your account”?
    • chanz4
    • By chanz4 14th Dec 19, 5:01 PM
    • 10,103 Posts
    • 3,007 Thanks
    chanz4
    • #6
    • 14th Dec 19, 5:01 PM
    • #6
    • 14th Dec 19, 5:01 PM
    cap1 never messed myn up, never gave a rise in limit or decrease in apr tbh their products are expensive compared to others
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
    • adindas
    • By adindas 14th Dec 19, 6:03 PM
    • 4,355 Posts
    • 2,828 Thanks
    adindas
    • #7
    • 14th Dec 19, 6:03 PM
    • #7
    • 14th Dec 19, 6:03 PM
    cap1 never messed myn up, never gave a rise in limit or decrease in apr tbh their products are expensive compared to others
    Originally posted by chanz4

    I do not know what card do you have with Capital one, but if you have the one which give you 0.5% cashback for purchase for both in Sterling and foreign currencies, Also, if you have such card there is no fee for purchase in foreign currencies. This is already a good reason why you should keep it.

    If the limit is the problem, there is very simple solution to i.e. Shuffle the limit between the cards you already have, and then close one of the cards with the lowest limit.
    Last edited by adindas; 16-12-2019 at 8:27 PM.
    • Mrs_Ryan
    • By Mrs_Ryan 15th Dec 19, 1:30 AM
    • 11,113 Posts
    • 21,026 Thanks
    Mrs_Ryan
    • #8
    • 15th Dec 19, 1:30 AM
    • #8
    • 15th Dec 19, 1:30 AM
    How have they “messed up your account”?
    Originally posted by Gary_Dexter
    They gave me incorrect information on multiple occasions, one of which caused a needless search of my credit file and another caused a late payment marker (the payment was not late, it was on time). It took them a week to inform me of what they deemed to be a fraudulent transaction and my card keeps getting declined when it shouldn’t be- on one online transaction they tried to blame my phone and told me to use a different browser when in fact it was the previous ‘fraud transaction’ that it took them a week to tell me about!
    Open University 2:1 Graduate 2017; MA graduate DMU 2019- MERIT!! Round 2 OU 2018- BSc Combined STEM (Sports Psychology) Year 1 PASS! E117 &DE100. Year 2- K220 & E235.
    Got Engaged 02/10/2018 Civil Partnership 15/02/20
    #TheEllisGengeFanClub
    Elle
    • boo_star
    • By boo_star 15th Dec 19, 6:22 AM
    • 3,002 Posts
    • 2,342 Thanks
    boo_star
    • #9
    • 15th Dec 19, 6:22 AM
    • #9
    • 15th Dec 19, 6:22 AM
    They gave me incorrect information on multiple occasions, one of which caused a needless search of my credit file and another caused a late payment marker (the payment was not late, it was on time). It took them a week to inform me of what they deemed to be a fraudulent transaction and my card keeps getting declined when it shouldn’t be- on one online transaction they tried to blame my phone and told me to use a different browser when in fact it was the previous ‘fraud transaction’ that it took them a week to tell me about!
    Originally posted by Mrs_Ryan
    Ditch and switch IMO.

    My dealings with them years ago weren't exactly positive either.
    • chanz4
    • By chanz4 23rd Dec 19, 7:01 PM
    • 10,103 Posts
    • 3,007 Thanks
    chanz4
    I do not know what card do you have with Capital one, but if you have the one which give you 0.5% cashback for purchase for both in Sterling and foreign currencies, Also, if you have such card there is no fee for purchase in foreign currencies. This is already a good reason why you should keep it.

    If the limit is the problem, there is very simple solution to i.e. Shuffle the limit between the cards you already have, and then close one of the cards with the lowest limit.
    Originally posted by adindas
    I ditched them for amex
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
    • adindas
    • By adindas 27th Dec 19, 2:08 AM
    • 4,355 Posts
    • 2,828 Thanks
    adindas
    I do not know what card do you have with Capital one, but if you have the one which give you 0.5% cashback for purchase for both in Sterling and foreign currencies, Also, if you have such card there is no fee for purchase in foreign currencies. This is already a good reason why you should keep it.

    If the limit is the problem, there is very simple solution to i.e. Shuffle the limit between the cards you already have, and then close one of the cards with the lowest limit.
    Originally posted by adindas
    I ditched them for amex
    Originally posted by chanz4

    In term of cashback, you could only beat Capital one (e.g cashback 0.5%+) If you could spend £5000+. Also Anex as not as widely acceptable compared to Mastercard.

    But Amex is not a subsitute for capital one to be used as a travel creditcard.

    It is your money anyway so do what you think the best for you.
    • LeeUK
    • By LeeUK 28th Dec 19, 5:32 AM
    • 6,575 Posts
    • 3,030 Thanks
    LeeUK
    Had a Cap One Luma card for 5 years with £250 limit. Just before Xmas I got an email saying they are increasing my limit to £450. Wowee!
  • archived user
    In term of cashback, you could only beat Capital one (e.g cashback 0.5%+) If you could spend £5000+. Also Anex as not as widely acceptable compared to Mastercard.

    But Amex is not a subsitute for capital one to be used as a travel creditcard.

    It is your money anyway so do what you think the best for you.
    Originally posted by adindas
    This is all academic as the OP hasn't said their card has cashback or indeed any other perks - just a high APR and low credit limit.

    In those circumstances, with other options now, ditch and switch...
    • nicetomeetyou
    • By nicetomeetyou 28th Dec 19, 2:05 PM
    • 257 Posts
    • 97 Thanks
    nicetomeetyou
    I have a Vanquis card which original limit was £200, they increased that up to £500 after about 2 months.

    I did a light search to get a nationwide member credit card but said it was unlikely I'd be accepted. Do you think because I clicked the unemployed box do they deny because of that. I do earn much more than the £5000 a year need for the card. I'm working on improving my credit worthiness to be accepted for better cards.. I have come quite fair this year.
    • Somerset La La La
    • By Somerset La La La 28th Dec 19, 2:45 PM
    • 823 Posts
    • 306 Thanks
    Somerset La La La
    Credit scoring is a magical game where nobody other than the lender knows for sure why it's failed/low!

    I'd imagine employment status would be one of the key ones - Full Time Employed should be lower risk than say Self-employed. Both of those two would be lower risk of defaulting than Unemployed.

    It's always a combination of factors though - so a low income, unemployed and a lack of history/poor history (??) could be the final straw.

    If you were unemployed but earning £60k per year in investment income/dividends, then it would be a very different story!

    Have you tried the eligibility checker to see what type of cards you could get? https://www.moneysavingexpert.com/eligibility/credit-cards/ That's a good benchmark, then try the lenders own site direct (I wouldn't click through from here).

    E.g. if, say, Barclaycard says 90% or Pre-approved - go to barclaycard.co.uk, find the eligibility checker and put your details in. It takes longer, but I find that gives much more accurate results than just firing applications off.

    As for Cap1, they've been really good to me to be fair to them. Took the card approx. 4 years ago (having defaulted with them 2 years before that) and it went from a few hundred up to £4k.

    I guess £4k is either the cap or the maximum they think I could possibly afford on my salary (quite right too at that APR!!!) as it's not gone up for a long time.
    Work in Underwriting (Mortgages) - posts are my opinion/experience etc, not official company policy/lending rules.

    Only the underwriter assigned to a case at full application stage can give a 100% definitive answer to queries
    • jcontest
    • By jcontest 29th Dec 19, 2:19 AM
    • 171 Posts
    • 577 Thanks
    jcontest
    I have a Vanquis card which original limit was £200, they increased that up to £500 after about 2 months.

    I did a light search to get a nationwide member credit card but said it was unlikely I'd be accepted. Do you think because I clicked the unemployed box do they deny because of that. I do earn much more than the £5000 a year need for the card. I'm working on improving my credit worthiness to be accepted for better cards.. I have come quite fair this year.
    Originally posted by nicetomeetyou

    How can you be unemployed and earning >£5000 PA.
    I know some situations where that's likely (investments, seasonal work and such), just wondering what your story is. If it is something like self employment then can't you report your expected yearly income? The key to applying for things is consistency. Differences on applications do get flagged even if they are minor.
    • nicetomeetyou
    • By nicetomeetyou 29th Dec 19, 5:07 PM
    • 257 Posts
    • 97 Thanks
    nicetomeetyou
    I’m on disability benefits and my annal income is around £15.600 excluding housing costs. I have a financial appointee that manages my money and I get a personal allowance of £550 a month, this is disposable income. On my account it says money from corporate director.. this might make a difference? I can asked my appointee if I need more for things and he puts it in my account so I have more then £6.600 annually in my account but the regular income is £125 every Thursday.. plus £50 a month so total £550 a month. My outgoings out that are £13 account fees, £48 mobile phone bill, and £160 a month food and coffees, if I was better with money I could save £330 a month. I use rest of money to book coach holidays. I went on 4 this year,.
    Last edited by nicetomeetyou; 29-12-2019 at 6:23 PM.
    • jcontest
    • By jcontest 29th Dec 19, 9:34 PM
    • 171 Posts
    • 577 Thanks
    jcontest
    Sounds like it might be a little complicated then.
    I would think the £15,600 (total cash amount of benefits) is what you would want to claim as "income", but as someone else is in control of your money then I am not sure if that would be the way to go.


    I am also unsure if you having such an account could cause complications with having an appointee (DWP can look at things oddly).
    • nicetomeetyou
    • By nicetomeetyou 29th Dec 19, 10:53 PM
    • 257 Posts
    • 97 Thanks
    nicetomeetyou
    I am also unsure if you having such an account could cause complications with having an appointee (DWP can look at things oddly).
    Originally posted by jcontest
    Exactly, it's paradoxical. I'm deemed to lack capacity managing my own finances. I have asked social services multiple times that I want the appointeeship annulling over the years which is evident from posts here going back since I joined that I don't want the appointee. A psychologist said when I'm well I have capacity but when I'm psychotic I lack capacity. Fare enough, I lack capacity probably 5% of the time. Its lost on my CPN and social worker that I have £1650 worth of credit and managing well for 12 months, only in debt £300 which is very well manageable.
    • jcontest
    • By jcontest 31st Dec 19, 3:11 AM
    • 171 Posts
    • 577 Thanks
    jcontest
    Yea, To me I would say you shouldn't take out a credit account. Only because I am considering that your debts are managed for you (ish) and that DWP/Social feel your unable to do it all of the time.



    But then, not being able to have credit can be quite restricting at times, and you are a grown adult, and 95% of the time you would be penalized for that other 5% of the time.


    Paying £13 a month for account management (If I read that correctly) seems to me like a okay amount as I know some councils charge 4-5 times that! That piece of mind that your protected should be a bonus.


    I know someone who struggles, and in retrospect I wish we would have done that (appointee) for him too. He would have hated it, and you probably hate it too. He is nearly homeless now and there is little we can do. The system does seem odd as it can let you build up a large debt, I would avoid it if you can and just build up a cash pot (that stays below means tested limits) and use that. Just in case.
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